Howard Marks' Oaktree Buys 4 Stocks in 4th Quarter
Howard Marks' Oaktree Buys 4 Stocks in 4th Quarter
Howard Marks(Trades,Portfolio)'Oaktree Capital Management recently released its fourth-quarter 2019 portfolio updates.
Howard Marks(Trades，Portfolio)的橡樹資本管理公司最近發佈了2019年第四季度投資組合更新。
Warning! GuruFocus has detected 4 Warning Signs with BBD. Click here to check it out.
警告！GuruFocus檢測到4個患有BBD的警告信號。單擊此處以檢查把它拿出來。
BBD 30-Year Financial Data
BBD 30年財務數據
The intrinsic value of BBD
BBD的內在價值
Peter Lynch Chart of BBD
彼得·林奇的BBD圖表
Oaktree Capital Management is a global investing firm that specializes in alterative strategies and credit strategies. Originally founded in 1995, the Los Angeles-based firm now has over 39 portfolio managers and 950 employees in offices around the world. Marks is one of the group's co-founders and currently serves as co-chairman (along with Bruce Karsh) and chief financial officer. The firm's investment philosophy has six tenets: risk control, consistency, market inefficiency, specialization, bottom-up analysis and disavowal of market timing.
橡樹資本管理公司是一家專門從事替代策略和信貸策略的全球投資公司。這家總部位於洛杉磯的公司最初成立於1995年現在擁有39名投資組合經理和950名員工，在全球各地設有辦事處。馬克斯是該集團的聯合創始人之一，目前擔任聯席董事長(與布魯斯·卡什)和首席財務官。該公司的投資理念有六個原則：風險控制、一致性、市場低效、專業化、自下而上的分析和否認市場時機。
Using the above criteria, the firm established new common stock positions in Bank Bradesco SA (NYSE:BBD) and Alibaba Group Holding Ltd. (NYSE:BABA) and preferred stock positions in Broadcom Inc. (NASDAQ:AVGOP.PFD) (NASDAQ:AVGO) and Fortive Corp. (FTVpA.PFD) (NYSE:FTV) during the quarter.
Bank Bradesco
布拉德斯科銀行
After selling out of a previous holding in Bank Bradesco in the fourth quarter of 2018, Marks' firm established a new stake of 5,767,107 shares of common stock in the company, impacting the equity portfolio by 1.23%. Shares traded at an average price of $8.34 during the quarter.
在2018年第四季度出售了之前持有的Bradesco銀行股份後，Marks的公司新持有了5767,107股公司普通股，對股票投資組合產生了1.23%的影響。該季度股票的平均交易價格為8.34美元。
Bank Bradesco is a Brazilian banking and financial services company. It has more than 5,300 branches and a significant online presence, making it one of the largest banks in Brazil. Its services include consumer banking, investment banking, private equity, private banking, asset management, insurance and retail banking.
Bank Bradesco是一家巴西銀行和金融服務公司。它擁有5300多家分行和大量的在線業務，使其成為巴西最大的銀行之一。它的服務包括消費者銀行、投資銀行、私募股權、私人銀行、資產管理、保險和零售銀行。
On Feb. 17, shares of the company traded around $7.55 for a market cap of $59.12 billion and a price-earnings ratio of 15.99. According to the Peter Lynch chart, shares are trading near their fair value.
2月17日，該公司股價約為7.55美元，市值為591.2億美元，市盈率為15.99倍。根據彼得·林奇的圖表，股票目前的交易價格接近其公允價值。
Bank Bradesco has a cash-debt ratio of 0.53, which is below average for the banking industry. Revenue has declined in recent years, though net income has been relatively stable.
布拉德斯科銀行的現金與債務比率為0.53，低於銀行業的平均水平。近年來，儘管淨收入相對穩定，但營收有所下降。
The bank has the potential to benefit from the growing economy in Brazil. Amid positive economic signs, Brazil's central bank recently cut the interest rate to 4.5%, a record low and the latest in a series of reductions from the 2016 rate of 14.25%.
該行有可能從巴西不斷增長的經濟中受益。在積極的經濟跡象中，巴西央行最近將利率降至4.5%，創歷史新低，這是自2016年14.25%的利率以來一系列降息中的最新一次。
Alibaba Group Holding
阿里巴巴集團控股
Oaktree sold out of Alibaba in the second quarter of 2019, but the firm has established a new common stock holding of 161,982 shares in the fourth quarter, impacting the equity portfolio by 0.82%. During the quarter, shares traded at an average price of $188.59.
橡樹資本已售罄阿里巴巴2019年第二季度，但該公司在第四季度建立了新的普通股持有量161,982股，對股票投資組合的影響為0.82%。在本季度，股票的平均交易價格為188.59美元。
Alibaba is a Chinese e-commerce, retail, internet and technology conglomerate that sells individual and bulk products to customers around the world. It also hosts third-party sellers and provides services such as logistics and production monitoring.
阿里巴巴是一家中國電子商務、零售、互聯網和科技集團，向世界各地的客户銷售個人和大宗產品。它還託管第三方賣家，並提供物流和生產監控等服務。
On Feb. 17, Alibaba shares traded around $219.63 for a market cap of $589.21 billion and a price-earnings ratio of 26.41. According to the Peter Lynch chart, the stock is trading near its intrinsic value.
2月17日，阿里巴巴股價約為219.63美元，市值為5,892.1億美元，市盈率為26.41倍。根據彼得·林奇的圖表，該股目前的交易價格接近其內在價值。
GuruFocus has assigned Alibaba a financial strength score of 6 out of 10 and a profitability score of 9 out of 10. The cash-debt ratio of 1.65 and interest coverage of 15.2% are beating 60.19% of retail competitors. As per the chart below, revenue has grown exponentially over the years, though net income has been a bit slower to follow.
GuruFocus給阿里巴巴打出的財務實力評分為6分(滿分10分)，盈利能力評分為9分(滿分10分)。現金負債率為1.65，利息覆蓋率為15.2%，擊敗了60.19%的零售競爭對手。根據下面的圖表，多年來收入呈指數級增長，儘管淨利潤的增長速度有所放緩。
Alibaba has a strong market position as the most dominant player in the Chinese e-commerce space, and its diversification across individual consumer and corporate markets has the potential to give it more room to grow.
阿里巴巴作為中國電商領域最具主導性的參與者，擁有強大的市場地位，其在個人消費者和企業市場的多元化有可能賦予其更大的增長空間。
Broadcom Inc.
博通公司
The firm invested in 5,000 shares of Broadcom preferred stock, impacting the equity portfolio by 0.14%. The preferred stock series traded at an average price of $1,124.36 during the quarter.
該公司投資了5,000股博通優先股，對股票投資組合的影響為0.14%。優先股系列在本季度的平均交易價格為1,124.36美元。
Broadcom is a designer, developer and manufacturer of various semiconductor and infrastructure software products. The San Jose, California-based company mainly sells to the data center, networking, storage, wireless, broadband and industrial markets.
博通是一家設計、開發和製造各種半導體和基礎設施軟件產品的公司。這家總部位於加利福尼亞州聖何塞的公司主要向數據中心、網絡、存儲、無線、寬帶和工業市場銷售產品。
On Feb. 17, the 8% series A mandatory convertible preferred stock sold for $1,180 per share. The five-year yield-on-cost is 17.72%.
2月17日，8%的A系列強制性可轉換優先股以每股1,180美元的價格出售。五年期的成本收益率為17.72%。
The company has a financial strength score of 4 out of 10 and a profitability score of 10 out of 10 from GuruFocus. The cash-debt ratio of 0.15 and interest coverage of 2.89% are low, but the Altman Z-score of 2.35 is still in the grey zone. The return on capital of 101.11% and three-year revenue growth rate of 16% are outperforming 75.72% of competitors.
GuruFocus的財務實力得分為4分(滿分10分)，盈利能力得分為10分(滿分10分)。0.15的現金負債率和2.89%的利息覆蓋率都很低，但Altman Z-Score的2.35仍處於灰色地帶。101.11%的資本回報率和16%的三年營收增長率超過了75.72%的競爭對手。
Fortive Corp.
Fortive Corp.
The firm also invested in a new preferred stock position of 2,500 shares in Fortive after selling out of the same in the second quarter of 2019. During the quarter, the preferred stock series traded at an average price of $931.18.
該公司還在2019年第二季度出售了2500股Fortive股票後，投資了2500股新的優先股頭寸。在本季度，優先股系列的平均交易價格為931.18美元。
Fortive is a global-scale industrial conglomerate headquartered in Everett, Washington. The businesses operating under its umbrella are involved in many aspects of technology, including tools and materials, sensors and controls, electronic tools, biomedical equipment, sterilization products, food sensors and cloud-based tracking.
Fortive是一家全球規模的工業集團，總部設在華盛頓州埃弗雷特。在其保護傘下運營的業務涉及技術的許多方面，包括工具和材料、傳感器和控制、電子工具、生物醫學設備、殺菌產品、食品傳感器和基於雲的跟蹤。
On Feb. 17, the 5% series A mandatory convertible preferred stock sold for $983.90 per share. The five-year yield-on-cost is 5.08%.
2月17日，5%的A系列強制性可轉換優先股以每股983.90美元的價格出售。五年期的成本收益率為5.08%。
The company has a GuruFocus financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10. The cash-debt ratio of 0.18 and is at the low end of the spectrum, but the 6.12% interest rate and the Altman-Z score of 2.52 are average. The return on capital of 85.21% and operating margin of 13.72% are beating 86.95% of competitors.
該公司的GuruFocus財務實力評級為5分(滿分10分)，盈利評級為7分(滿分10分)。現金與債務比率為0.18，處於頻譜的低端，但6.12%的利率和2.52的Altman-Z評分屬於平均水平。85.21%的資本回報率和13.72%的營業利潤率擊敗了86.95%的競爭對手。
Portfolio overview
投資組合概述
As of the quarter's end, the equity portfolio for Oaktree Capital Management consisted of 74 stocks, valued at a total of $4.19 billion. The turnover rate was 4%.
截至本季度末，橡樹資本管理公司的股票投資組合由74只股票組成，總價值41.9億美元。離職率為4%。
The firm's top holdings were Vistra Energy Corp. (VST) with 14.95% of the equity portfolio, TORM PLC (TRMD) with 12.88%, Star Bulk Carriers Corp. (SBKL) with 10.72%, Ally Financial Inc. (ALLY) with 7.97% and Caesars Entertainment Corp. (CZR) with 4.94%.
該公司最大的持有量是維斯特拉能源公司。(VST)，佔股票投資組合的14.95%，Torm PLC(TRMD)12.88%，星級散貨船公司。(SBKL)，10.72%，Ally FinancialInc.(Ally)，7.97%和凱撒娛樂公司。(CZR)為4.94%。
By sector weighting, the firm was most invested in energy, financial services and utilities.
按行業權重計算，該公司投資最多的是能源、金融服務和公用事業。
Disclosure: Author owns no shares in any of the stocks mentioned. The mention of stocks in this article does not at any point constitute an investment recommendation. Investors should always conduct their own careful research and/or consult registered investment advisors before taking action in the stock market.
披露：作者沒有持有上述任何股票的股份。本文中提到的股票在任何情況下都不構成投資推薦。投資者在股市採取行動之前，應始終進行自己的仔細研究和/或諮詢註冊投資顧問。
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This article first appeared onGuruFocus.
這篇文章最早出現在GuruFocus上。
Warning! GuruFocus has detected 4 Warning Signs with BBD. Click here to check it out.
警告！GuruFocus檢測到4個患有BBD的警告信號。點擊此處查看。
BBD 30-Year Financial Data
BBD 30年財務數據
The intrinsic value of BBD
BBD的內在價值
Peter Lynch Chart of BBD
彼得·林奇的BBD圖表
譯文內容由第三人軟體翻譯。